Marcum’s 2024 National Manufacturing Survey has officially published its results, highlighting cautious yet optimistic outlook as manufacturers navigate revenue declines, labor shortages, and supply chain stabilization.
According to certain reports, the stated exercise saw over one-third of respondents reporting a year-over-year revenue decline, with 20% experiencing declines of at least 10%. Having said so, only 15% of manufacturers expressed significant concern about revenue in the upcoming year, thus relaying a resilient optimism in the sector.
More on the given report would report would reveal that high interest rates have curtailed capital spending, leading to project delays and fewer opportunities for bidding. In response to these challenges, 43% of companies have raised prices, while on the other hand, 40% have reduced expenses to mitigate financial pressures.
Next up, Macum’s survey emphasizes upon technology’s role in driving efficiency, automation, and competitive advantage. You see, 64% of respondents said they already have plans to invest in technology next year, a number which also makes for the highest percentage ever recorded since Marcum began the survey. To go along with that, 62% revealed that they recently adopted new technologies, with growing interest in AI and augmented learning.
“Despite facing numerous challenges, the manufacturing industry has shown remarkable resilience and adaptability. Our survey indicates that technological advancements and strategic planning are pivotal for future growth. It’s crucial for manufacturers to continue leveraging these tools to overcome obstacles and drive innovation,” said Michael Sacco, Marcum’s National Consumer & Industrial Products Leader.
Moving on, the report deemed labor as a critical landscape, considering a notable 30% of manufacturers reported a shrinking workforce. This presents significant increase from the 10% which was observed last year. Another detail worth a mention is rooted in the rise of strategic planning. Despite that being the case, though, the underutilization of tax incentives remains a concern, with 26% respondents found to not leverage any tax benefits whatsoever.
Macum’s report also provided a lowdown on sales and marketing trends, a lowdown which indicated significant uptick in interest towards planning for sales and marketing strategies. From a more concrete standpoint, 62% of manufacturers said they are actively enhancing their efforts in this area to stay competitive.
Rounding up highlights would be a claim revealing supply chain stabilization in the current picture. You see, for the first time in three years, supply chain management is no longer among the top three challenges for manufacturers, a result of pandemic-era supply chain issues finally reaching a stable point.
Founded in 1951, Marcum’s rise up the ranks is, by and large, orchestrated by being a top-ranked national accounting and advisory firm, focused on helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. At present, the company’s practices bring forth deep insight and specialized services to privately held and publicly registered companies, as well as several nonprofit and social sector organizations. On top of that, it also delivers at your disposal a full complement of technology, wealth management, and executive search and staffing services.
“The data reveals a promising trend towards increased investment in technology and strategic planning. These elements are essential for navigating the current economic landscape and ensuring long-term success. At Marcum, we are committed to supporting our clients in implementing these strategies,” said Jonathan Shoop, Marcum’s Midwest Consumer & Industrial Products Leader.
